Flexible packaging market set for strong growth

Business intelligence firm Research and Markets has published the latest report forecasting that the global flexible packaging market, valued at 210.62 billion USD in 2023, will reach 238.91 billion USD by 2029, rising at a CAGR of 2.12 percent.

According to the report, the global flexible packaging market is set to grow due to the increased adoption of flexible packaging over rigid packaging and the increase in processed and packaged food.

The shift from rigid to flexible packaging is a major trend in the global packaging industry. It is driven by multiple factors, including sustainability, cost-effectiveness, convenience, and advancements in materials.

This shift has seen significant growth, especially in industries such as food and beverages, pharmaceuticals, personal care, and consumer goods. One of the most significant factors driving the adoption of flexible packaging is its lower environmental footprint. As it uses less material, it results in reduced waste and lighter weight, which reduces energy consumption during transportation.

The report also indicates sustainability as one of the industry growth restraints. Many flexible packaging products are made from multilayer films, where different materials (such as plastic, aluminum, and paper) are laminated together to achieve specific properties like moisture resistance, durability, or light protection.

These materials are difficult to separate during recycling processes, and most recycling facilities are not equipped to handle complex multilayer packaging.

The global flexible packaging market is primarily dominated by the APAC, Europe and North America regions, with APAC holding the largest market share.

The APAC region is poised to dominate the flexible packaging market, driven by increasing demand and the availability of cost-effective labor. These factors make the region highly attractive to producers seeking to expand their market presence and boost profitability.

In response, major players in the industry are intensifying their focus on the region by adopting strategies such as market expansions, increased investments, acquisitions, strategic agreements and the introduction of innovative products.

The flexible packaging market in the APAC region is characterized by demand across a broad spectrum of products, ranging from cost-effective sachets to high-end luxury packaging. The sector is expected to see robust growth, particularly in the food, pharmaceutical, and industrial packaging segments, driven by rising consumer demand for more convenient and protective packaging.